Oil (CL) Short-Term Elliott Wave Analysis – August 20, 2015

Rally to 49.5 ended wave 4. From this level, the internal of wave 5 of (3) lower is unfolding in 5 waves where wave ((i)) ended at 45.08, wave ((ii)) ended at 46.71, wave ((iii)) ended at 41.35, wave ((iv)) ended at 42.9, and wave ((v)) is in progress to complete wave (3) before a larger bounce in wave (4).

Near term, wave (a) is expected to complete at 39.62 – 40.27, then it should bounce in wave (b) before turning lower again towards 37.52 – 38.57 to complete wave (3). We don’t like buying the proposed bounce in wave (b). Cycle is currently pretty stretched and we can already count 5 waves lower from wave 4 high at 49.5 , but as far as wave ((iv)) pivot at 42.9 holds during wave (b) bounce, expect oil to resume lower one more swing to complete wave (3) towards 37.52 – 38.57.

If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.

Main Menu

Contact Us

Trading OTC Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange and futures trading, and seek advice from an independent financial advisor if you have any doubts.